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Business Plan Essentials: Syllabus
“Working with Geri has been rewarding and fun because she is academic, without being patronizing," says Holly Shapiro, owner of Prince & Fields apparel. "She is always well versed and well read, and she mentors those she works with. She stimulates other ways of looking at projects."
During these 8 weeks, you'll learn what it takes to write a well thought-out and effective business plan -- quickly and efficiently. Just as important, you'll get feedback on the plan you write from the instructor and from your peers. You'll know what response it generates and what tweaks are needed to make it sing.
A good plan focuses the organization's time, energy, and money on what needs to be done and when it needs to get done. A business plan is essential to raise the money you need to grow your organization.
WEEK 1: Thursday, March 18, 2010 12n -- 1pm, EST
Peer interaction is an important part of this course so we'll take some time to get to know each other. We’ll start with brief – no more than one minute -- introductions. You can also learn more about each other through your LinkedIn profiles. If you don’t have a LinkedIn profile, please build one. You'll need it for class discussions as well as for the introductions. If you don't know how to build a LinkedIn profile go to: LinkedIn for Consultants and Freelancers or How to Keep the Project Pipeline Fuller or LinkedIn for Nonprofit Organizations.
This week, we'll talk about the data you need to shape and direct your business. You also need data to convince investors and strategic partners that you understand your business, industry, and competitors.
During this first session, you will learn what kind of information you need and where to find such things as industry trends, target market stats, and information about competitors.
Assignment: Write the Marketplace Analysis (aka, industry analysis) section of your business plan. This section analyzes your market, its characteristics, and all relevant trends. Describe the size, characteristics, and growth potential of the industry as well as any socio-economic, political, and technology trends that will affect your business. Include a competitive analysis that describe the competition and clearly differentiates you from them.
Optional Reading:
- Successful Business Research by Rhonda Abrams
- Hungry for Feedback That Will Really Grow Your Company? Create the Perfect Survey by Geri Stengel
- Redefine (Define) the Company Vision/Mission who is this by? Where can these be accessed? -Molly Sugarman 2/21/10 3:42 PM
- Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant by W. Chan Kim and Renee Mauborgne
WEEK 2: Thursday, March 25, 2010 12n -- 1pm, EST
Learn how to write a compelling Company Summary and a Business Description that inspires confidence. The Company Summary covers the company history, business form, ownership , number of employees, and location. The Business Description describes your products and services, and your business model.
You'll need both to attract investors and partners. Learn when you can combine these sections and when to keep them separate.
Assignment: Prepare these two sections of the business plan for your company.
WEEK 3: Thursday, April 1, 2010 12n -- 1pm, EST
Learn how to position and target your products /services and why it is important to do so. Learn how to take advantage of your competitive differences. You'll need to know what’s working and what’s not so you can focus your efforts and maximize the effects of your marketing dollars.
Assignment: Write the Marketing Strategy section. Include market size and characteristics. Include the findings of any research about the product that you've done on your own. Describe how will you position the product /service and what tactics you will use to penetrate the market.
Optional Reading:
- Marketing That Works: How Entrepreneurial Marketing Can Add Sustainable Value to Any Sized Company by Leonard M. Lodish, Howard L. Morgan and Shellye Archambeau
WEEK 4: Thursday, April 8, 2010 12n -- 1pm, EST
The Operations section of your business plan highlights the logistics of the ongoing operation of the business. It’s a “how to” procedural discussion of the strategies necessary to achieve the company’s goals. The goals should be measurable and achievable. When you know what you want to do, it's easier to see what you'll need. You need this part of the plan to decide how much money you'll need and when you'll need it.
Assignment: Write the Operations section of your business plan.
WEEK 5: Thursday, April 15, 2010 12n -- 1pm, EST
The strength of the management team is absolutely critical to success and to raising investment capital and forming strategic partnerships. Investors and partners want to know that the team can deliver. Learn what to highlight, how to present the team, and how to compensate when your team is missing critical skills. This section also includes the organizational structure: who reports to whom, who is responsible for what.
Assignment: Write the Management section of your business plan.
Optional Reading:
WEEK 6: Thursday, April 22, 2010 12n -- 1pm, EST
The financials show in black and white -- and sometimes red -- the projected financial performance of the business. This section should include:
- Income statement
- Cash flow analysis
- Balance sheet
If you need money, this section also includes how much money is needed, what you need it for, and when you need it. In this lesson, you'll find out what assumptions you should include so your projections are more credible.
Assignment: Write the Financial section of your plan including profit and loss statement, cash flow analysis, and balance sheet.
Optional Reading:
- Finance for Managers, Harvard Business Essentials
- Drafting Your Budget
- Crunching the Cash Crunch
- Know Your Numbers
- Breakeven Analysis
- Conducting a Breakeven Analysis
WEEK 7: Thursday, April 29, 2010 12n -- 1pm, EST
Learn how to anticipate where risks for your business lie, calculate the repercussions and how to develop a contingency plan. If you can't live with the consequences, you shouldn't take the risk.
Assignment: What are the top three risks for your business and how can you prepare for them.
WEEK 8: Thursday, May 6, 2010 12n -- 1pm, EST
The executive summary is the most important section of the plan. The reader sees this first. If the executive summary isn't dynamite, the reader will not read on. This section is written last. It should clearly and concisely state the business concept, financial features, and capital requirements presented in the business plan. It highlights the unique characteristics of the venture and whets the interest of the reader. A brief background on the founders is included.
Open with a couple of sentences that grab attention and entice readers to read on. These first few sentences must tell the reader what you do; why you are unique; what size market you serve; what share of the market you expect to capture; and when you intend to accomplish that.
Assignment: Write a 1- to 3-page executive summary. The shorter the better. At this time, you can also resubmit the entire plan for additional comments.
Register now for Business Plan Essentials!